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A specialist in the mathematics of insurance who calculates rates, reserves, etc. (Americanism. In most other countries the individual is known as "mathematician").


An individual representing the insurance company and acting for the company in working on agreements as to the amount of a loss and the liability of the company in same.

  1. Independent agent represents at lease two insurance companies and (at least in theory) services clients by searching the market for the most advantageous price for the most coverage. The agent's commission is a percentage of each premium paid and includes a fee for servicing the insured's policy.

  2. Direct writer represents only one company and sells only its policies. This agent is paid on a commission basis in much the same manner as the independent agent.

Aggregate Limit:

Usually refers to Liability Insurance and indicates the amount of coverage that the insured has under the contract for a specific period of time, usually the contract period, no later how many separate accidents may occur.

Approved for Reinsurance:

Indicates the company is approved (or authorized) to write reinsurance on risks in this state. A license to write reinsurance may not be required in these states.

Approved or not Disapproved for Surplus Lines :

Indicates the company is approved (or not disapproved) to write excess or surplus lines in this state.


Assets refer to "all the available properties of every kind or possession of an insurance company that may be used to pay its debts." There are three classifications of assets: invested assets, all other assets, and total admitted assets. Invested Assets refer to things such as bonds, stocks, cash, and income-producing real estate. All other assets refer to non-income producing possessions such as the building the company is in, office furniture, and debts owed (usually in the form of deferred and unpaid premiums.) Total Admitted Assets refer to everything a company owns. All other + invested assets = Total Admitted Assets. Some states by law do not permit insurance companies to claim certain goods and possessions, such as deferred and unpaid premiums, in the all other assets category, declaring them "nonadmissable."


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